Investing.com - Financial Markets Worldwide

OPEC trims 2020 oil demand, sees virus fears weighing on prices

Published 12/08/2020, 13:38
Updated 12/08/2020, 13:42
© Reuters.

LONDON, Aug 12 (Reuters) - OPEC on Wednesday said world oil
demand will fall more steeply in 2020 due to the coronavirus
pandemic and said next year's recovery faces large
uncertainties, pointing to growing headwinds for the group and
its allies in supporting the market.
World oil demand will fall by 9.06 million barrels per day
(bpd) this year, the Organization of the Petroleum Exporting
Countries said in a monthly report, more than the 8.95 million
bpd decline expected a month ago.
"Crude and product price developments in the second half of
2020 will continue to be impacted by concerns over a second wave
of infections and higher global stocks," OPEC said in the
report.
OPEC stuck to its forecast that in 2021 oil demand would
rebound by 7 million bpd but said the view was subject to large
uncertainties that may result in "a negative impact on petroleum
consumption".

(Editing by Jason Neely)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.